Wealth Coaching During a Recession: How to Become a Money Coach When Times are Lean

A lot of people are struggling with their finances right now, and wealth coaching is probably the furthest thing from their minds.  What can you offer as a money coach that would be valuable enough to part with hard earned cash in a lean economy?  Is your wealth coaching so valuable that people would say that it’s ‘priceless?’  What can a money coach offer people who don’t have cash on hand?

As a Money Coach You Can Help Clients Decipher How They Got Where They Are

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The first benefit you can offer your clients as a money coach is to help them see the beliefs, habits, and motives that have gotten them into their current financial state.  They may feel they need ‘bailout coaching’ instead of ‘wealth coaching’, but odds are that if they are in a mess they will have enough pain to look for solutions.  And if you can identify their problem in a clear and succinct way, not only will they feel understood, but they will assume you have the answer to their problem.

Wealth Coaching Provides Accountability

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Another benefit you can offer to clients as a money coach is accountability.  Most people understand the basics of what they need to do, and if they don’t they can check out a book at library and read it for free.  They aren’t going to enroll in wealth coaching unless you can help them get results.  And while most people perform better just knowing someone will be checking in on them, a good accountability coach can help their clients find out what really stopped them from following through.  And that is usually part of the belief that got them into their financial mess in the first place.  Transforming that is where the real value is.

As a Money Coach You Can Create Leverage to Help Clients Change Their Habits

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One other benefit you can offer to clients as a money coach is strategy is to create enough leverage for them to make the change.  Help your wealth coaching clients see the high cost that their current behavior will have on their financial future.  Have them experience it as if it were happening right now, so they can really feel the pain.  Then help them see what the future could bring if they were to make those changes now.  Help them see and realize a more empowering future.  The reason this is so important is that most people who are on the verge of bankruptcy won’t have enough pain to make lifelong changes, just like a smoker will take the first chance he has to light up again even after a major heart attack.

When you take your job as a money coach seriously, and not just vomit information up from one of the many books on finances, you have the opportunity to make lasting changes in people’s lives.  The benefits of wealth coaching far exceed what most of your clients could ever imagine, and now is a great time for coaches to make a difference in the world.

Colette Seymann

JTS Advisors Bi-Designated Strategy and Accountability Coach